Paris-based musical promotion startup Groover has announced today, it has successfully secured a €6 million funding round aimed at scaling the success of independent artists. However, the latest round was co-led by Partech and Bpifrance, which in combination with the startup’s previous financing round in 2019 brings its total fundraise to €7.5 million.
It should be borne in mind that the subject startup which was founded in 2018, actually got launched in January 2019 by founders ‘Romain Palmeiri’, ‘Rafael Cohen’, and ‘Dorian Perron’. Groover is believed to be on a mission to build a platform through which artists can send their tracks to music curators and professionals seeking to discover new talents.
Funny enough, it will interest you to know that the founders of the subject startup are all musicians, who have successfully built a community of 70,000 independent artists which consists of subscribers on the platform that cut across more than 100 countries. As of November 2021, it was observed that over 1 million tracks have received feedback from Groover’s vetted community of 1,500 music curators and professionals. Based on this, the startup is in the meantime helping music creators to self-promote an area understood to be an increasingly competitive and monopolized industry. It’s a known fact that over 60,000 new songs are released every day on average, notably on Spotify, which in turn, is becoming increasingly difficult for new music creators to stand out from the crowd in order to be identified. However, Groover is poised to offer a way for budding musicians that will allow them to gain traction with their track, which is growing rapidly.
In the meantime, Groover has established its presence across notable markets, such as the U.S., Canada, Brazil, UK, Italy, and Germany, yet the company also plans to expand further. In view of this, the co-founder and CEO of Groover ‘Romain Palmieri’ stated: “Groover will soon open its first offices in the US, which is already the second-largest country for us after France, as 25% of our user base is from North America”.
As startup Groover double down on this trajectory of global ambition, it is believed that the latest fundraise will pave way for more opportunity, as the company seeks to hire the best talents in product, tech, and global business, which will, in turn, contribute towards the goal of scaling up their global development and presence. However, the two-year-old company can confidently boast of an organic growth rate of 75% and has a network of multiple components. As such, the company’s achievement coupled with their ‘worldwide ambition’ was actually the reason that brought Partech to the funding table, according to Alison Imbert, Principal at the investment company.
Earlier this year, Groover launched Groover Obsessions known as an accelerating program for independent artists scouted as the most promising music creators on Groover – to further help them boost their careers while monetizing their projects. And this is done with the aid of scoring algorithms and then a subsequent gathering of pool partners in addition to those already on Groover’s platform (such as media outlets, funding sources, NFT monetization, and distributors), Groover is then able to help the artist overcome the challenges via its Groover Obsession which detects the best talents and, in turn, helps them on their way to becoming independent music creators. A Senior Associate at Bpifrance also commented over the sizeable community of creators and curators as well as the technological base behind Groover Obsessions, noting that the latter is allowing Groover to ‘consolidate their position as market leader’ while accelerating their international presence. Equally a great opportunity for the young company to establish its footprint as a global musical promotion platform.
- What’s your take, leave your comment!
Be the first to comment